Western Digital (NASDAQ:WDC) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Western Digital (NASDAQ:WDC) from a buy rating to a hold rating in a research note released on Monday.

A number of other analysts also recently issued reports on WDC. Morgan Stanley lowered their price target on shares of Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. UBS Group reduced their target price on Western Digital from $74.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Rosenblatt Securities dropped their target price on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Wedbush reissued an “outperform” rating and issued a $95.00 price target on shares of Western Digital in a research note on Monday, February 10th. Finally, Barclays dropped their price objective on shares of Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Western Digital Trading Up 1.5 %

Western Digital stock opened at $44.31 on Monday. The stock has a 50-day moving average price of $57.45 and a 200 day moving average price of $62.98. The company has a market capitalization of $15.41 billion, a price-to-earnings ratio of 10.55 and a beta of 1.42. Western Digital has a 52 week low of $39.42 and a 52 week high of $81.55. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC) last issued its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. Sell-side analysts anticipate that Western Digital will post 4.89 EPS for the current year.

Insider Transactions at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares of the company’s stock, valued at $1,810,575.36. The trade was a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Western Digital

A number of hedge funds have recently modified their holdings of the business. Versant Capital Management Inc grew its holdings in shares of Western Digital by 278.9% during the fourth quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after buying an additional 304 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Western Digital during the fourth quarter worth approximately $29,000. True Wealth Design LLC grew its position in Western Digital by 2,184.2% in the 3rd quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock valued at $30,000 after buying an additional 415 shares during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in Western Digital in the 4th quarter valued at $30,000. Finally, OFI Invest Asset Management purchased a new position in Western Digital during the 4th quarter worth $36,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.